How to Get a Car Loan from TD Bank

(November 2024)

How to Get a Car Loan from TD Bank

In This Article

Considering an auto loan from TD Bank? This article delivers the solution to you.

Attempting to secure a car loan from TD Bank feels a lot like test-driving a high-performance vehicle—thrilling, and you hope it won’t stall when you need it the most.

While TD Bank promises a smooth ride through your application process, you occasionally have detours characterized by credit checks and some paperwork.

This article provides you with a roadmap to steer clear of potential roadblocks during your loan application journey and turbocharging your way to that dream car.

To get an auto loan from TD Bank

1. Learn How TD Bank’s Auto Loan Works
2. Confirm Your Credit Score
3. Define Your Budget
4. Explore TD Bank’s Car Loan Options
5. Gather Necessary Documents
6. Visit a Dealership
7. Negotiate With Dealerships
8. Check Loan Terms
Recap

Ready? Let’s get started!

1. Learn How TD Bank's Auto Loan Works

How-to-Get-a-Car-Loan-from-TD-Bank-1

To secure a car loan from TD Bank, learn how the bank works, including its requirements. This way, you keep yourself informed way ahead as you apply for the loan.

Note that TD Bank works with a large network of dealerships all over Canada who are willing to give you exceptional rates and financing options, provided you meet the credit score requirement.

You must be 18 years or older to obtain a loan from TD Bank.

Note, also, that there’s a possibility to get a car loan through TD Auto Finance after bankruptcy or if you’re new to Canada.

You cannot move loaned vehicles outside Canada, but can move the same vehicle out of the province provided you have written consent.

Familiarize yourself with TD Bank’s Privacy Policy, Terms, and legal documentation so you don’t get caught off guard.

One last thing…you can apply for a TD Bank car loan through dealerships, TD Wheels (i.e., TD Bank’s loan app), or over the phone.

For further assistance regarding the dos and don’ts of TD Bank auto loans, call customer support at 1-866-694-4392.

2. Check Your Credit Score

To obtain an auto loan from TD Bank, verify your credit score.

Want a low-interest loan for that dream car? Ensure your score—that three-digit number—sparkles. Typically, a minimum FICO score of 670 can suffice.

Use tools such as Experian, Equifax, and TransUnion to keep yourself up to date on your credit score.

Why’s that important? You ask. By checking your score, you’re able to spot inaccuracies, contradictions, and duplicitous activities around your score.

Don’t just check your score, make it sparkle. Avoid activities such as late payments, closing old accounts, defaulting on loans, and more…that would hurt your credit.

3. Define Your Budget

To find a suitable auto loan from TD Bank, figure out your budget and spend accordingly.

You want to prioritize the most important expenses involved in your car loaning process. In your scale of preference, list all necessary expenses, put them into categories, and assess your income.

Your budget helps you navigate effectively and stay on the lane through the application process without driving off the track.

Bear in mind that TD Bank does not disclose its interest rates and terms before the loan application. Budgeting helps you set aside extra cash for miscellaneous expenses.

By the way, do you know of budgeting tools like EveryDollar, PocketGuard, and Goodbudget? Well, they are incredible arsenals when it comes to getting insights into what and how to spend your money. Use them!

4. Research TD Bank's Car Loan Options

To find the most appropriate car loan from TD Bank, research the available loan options. By exploring loan options, you’re defining and streamlining your choices to know which loan selection suits your needs.

When choosing a loan, pay attention to the interest rates, loan terms, and other necessary terms that come with the process.

If you’re going for a new car, do the terms and interest rates align with your budget? Or should you consider used cars?

Do your research and come up with a conviction about your choice. TD Bank typically provides financing options for both new and used vehicles, giving you the flexibility to choose the type of car you want. 

You can visit the bank’s website at TD Auto Loans or a branch office to learn more about their offerings.

5. Gather Necessary Documents

To secure a car loan from TD Bank, gather all the necessary documentation. TD Bank—just like other lenders—requires certain information to complete your application.

Collect details such as purchase agreement/bill of sale, registration, title, lease buyout instructions, financial statement, proof of income, federal tax returns, and W-2s when applying.

These documents allow the bank to assess your creditworthiness, determine the interest rate you receive, and the appropriate loan amount you should receive.

Keep in mind that financial institutions are required by law to collect specific documentation before approving loans. As a result, you must prepare your documentation with great care as you approach TD Bank for a car loan.

6. Visit a Dealership

To qualify for TD Bank’s auto loan, simply meet any authorized automotive or recreational vehicle dealer to obtain financing using TD Auto Finance.

Why visit a dealership? You ask. There are several reasons including getting personalized assistance based on your specific needs and financial situation.

You also have access to exceptional financing programs, manufacturer incentives, or promotions that can profit you. For instance, low-interest rates, cash rebates, or other perks that you might not be aware of if you’re independently applying for the loan. 

Visiting a dealership gives you room for negotiation on both the car price and financing terms. Sometimes, you may experience a one-stop shopping experience where you can find and finance your vehicle in the same place.

Besides, you need to test drive the car you’re buying. Or don’t you want that?

7. Negotiate With Dealerships

To get a car loan from TD Bank, negotiate with dealerships.

It is important to reiterate this point given its importance in the loan application process.

Mind you, negotiation allows you to secure a lower interest rate and adjust the terms of the loan, including the length of the loan and your monthly payment amount.

A quick tip: Don’t appear desperate, it kills your worth. You should show your dealership that you need a car loan, but also make it clear that you have other options available to you. The goal is to cut down on some extra costs.

To run a successful negotiation with the dealership, research the fair market value of the car you’re interested in. Check out sites such as Edmunds.com or Kelley Blue Book to get valuable pricing information about cars. Set your budget for the car and stay focused during the negotiation period.

Loan pre-approval can also suffice; it gives a baseline interest rate and the loan amount you can use for comparison during negotiations.

Mind you, negotiation may take time, and dealerships often want to close deals quickly. Be patient and focused on your goals and don’t let them rush you into decisions without careful consideration of the terms. Be firm but maintain a polite and respectful demeanor.

8. Check Loan Terms

To obtain auto funding from TD Bank, go through your loan terms over and over again to ensure you’re okay with its offerings.

You can’t overemphasize the importance of checking your loan term during the loan application process. Reiterating this point in this section of the article tells you how important it is to check and verify loan terms.

Applying for a car loan without checking loan terms is like going on a blind date and at the same time being blind. You get the gist, right?

Checking the loan terms helps you to understand the total cost of borrowing, and ensure you’re getting a competitive rate and a conducive loan duration.

You also get to spot imposed fees you’re not aware of such as administrative charges, origination fees, and others.

Take this phase of your loan application seriously as it has a great impact on your overall lending journey.

Remember, “This article provides you with a roadmap to steer clear of potential roadblocks during your loan application journey and turbocharging your way to that dream car.”

Recap

To find a suitable car loan from TD Bank, familiarize yourself with TD Bank’s operations and requirements.

Confirm your credit score and make sure you define your budget. Go on exploration to ascertain what car loan options to choose from TD Bank’s offerings.

Gather the necessary documents and visit a dealership to finalize your choice of car. Negotiate with dealerships and make sure you’re okay with the loan terms you have.

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